13th February: The Pakistani rupee (PKR) kicked off trading at 281 against the US Dollar in the interbank market, initially witnessing a bearish trend as it dipped to 281 during intraday trade. Concurrently, other market indicators like the Pakistan Stock Exchange (PSX) and public sentiment experienced significant declines.
Despite intraday losses, the PSX managed to reverse its trajectory, closing in positive territory by the end of the trading session. Meanwhile, the interbank rate fluctuated between 279 and 281 throughout the day, eventually settling at the same level at which it opened.
Across various currency counters in the open market, PKR exchange rates ranged between 279 and 281. However, the rupee managed to appreciate by 0.01 percent, closing at 279.31 against the dollar and gaining two paisas. This positive movement marked a rebound for the rupee after experiencing losses in the preceding trading session.
On a fiscal year-to-date basis, the rupee has showcased resilience, appreciating by 2.37 percent. Nonetheless, it’s important to note that the PKR has experienced considerable depreciation over the past months, witnessing a decline of nearly Rs. 60 since January 2023 and over Rs. 107 since April 2022 against the USD.
In the international arena, the IMF’s rejection of Pakistan’s rationalization and circular debt reduction measures cast doubts on the proposed plan’s effectiveness, influencing market sentiments. Despite this, the PKR demonstrated strength against most major currencies in the interbank market, remaining stable against the Saudi Riyal (SAR) and UAE Dirham (AED), while gaining ground against the Australian Dollar (AUD) and Euro (EUR). However, it experienced minor losses against the Canadian Dollar (CAD) and British Pound (GBP).
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